Museum officials said, “Sustainability in the current economic climate, with reduced funding for the arts, was a significant factor in the decision.”

The museum tried to put a brave face on the announcement by highlighting its past achievements. It was founded in 1982 in San Francisco at a time when artists carrying on craft and folk traditions were generally overlooked by the art market. The museum was instrumental in changing that, the release said.

The closure is scheduled to coincide with the end of its current exhibition “Fiber Futures: Japan’s Textile Pioneers.”

There is no word yet on what will happen with the museum’s collection. The museum is the only one of its kind in northern California.